HomeMy Public PortalAbout2023-065 Resolution Setting the Date for a Public Hearing on a Proposal to Enter Into a General Obligation Loan AgreementRESOLUTION 2023-065
Resolution Setting the Date for a Public Hearing on a Proposal to Enter
Into a General Obligation Loan Agreement and to Borrow Money
Thereunder in a Principal Amount Not to Exceed $215,000
WHEREAS, the City of Riverdale (the "City"), in Scott County, State of Iowa, proposes to enter into a
general obligation loan agreement (the "Loan Agreement"), pursuant to the provisions of Section
384.24A of the Code of Iowa, and to borrow money thereunder in a principal amount not to exceed
$215,000 for the purpose of paying the costs, to that event, of constructing sanitary sewer and storm
water drainage improvements (the "Project") and it is necessary to fix a date of meeting of the City
Council at which it is proposed to take action to enter into the Loan Agreement and to give notice
thereof as required by such law.
NOW THERE FOR IT BE RESOLVED by the City Council of the City of Riverdale, Iowa, as follows:
Section 1.
Section 2.
The City Council shall meet on August 22, 2023, at the Pleasant Valley Administration
Center, 525 Belmont Road, Riverdale, Iowa, at 6:00 p.m., at which time and place a hearing
will be held and proceedings will be instituted and action taken to enter into the Loan
Agreement described in the preamble hereof.
The City Clerk is hereby directed to give notice of the proposed action on the Loan
Agreement setting forth the amount and purpose thereof, the time when and place where
the said meeting will be held by publication at least once, nor less than four (4) and not
more than twenty (20) days before the date of said meeting, in a legal newspaper that has
a general circulation in the City. The notice shall be in substantially the following form:
NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS TO ENTER INTO A
LOAN AGREEMENT AND TO BORROW MONEY THEREUNDER IN A PRINCIPAL
AMOUNT NOT TO EXCEED $215,000
(GENERAL OBLIGATION)
The City Council of the City of Riverdale, Iowa (the "City'), will meet on August 22, 2023, at
the PV Administration Center, 525 Belmont Road, Riverdale, Iowa, at 6:00 p.m., for the
purpose of instituting proceedings and taking action on a proposal to enter into a loan
agreement (the "Loan Agreement") and to borrow money thereunder in a principal amount
not to exceed $275,000 for the purpose of paying the costs, to that extent, of constructing
sanitary sewer and storm water drainage improvements.
City of Riverdale, Iowa
110 Manor Drive, Riverdale, Iowa 52722 (563) 355-2511 I www.riverdaleia.org
The Loan Agreement is proposed to be entered into pursuant to authority contained in
Section 384.24A of the Code of Iowa and will constitute a general obligation of the City.
At that time and place, oral and written objections may be filed or made to the proposal to
enter into the Loan Agreement. After receiving objections, the City may determine to enter
into the Loan Agreement in which case, the decision will be final unless appealed to the
District Court within fifteen (15) days thereafter.
By order of the City Council of the City of Riverdale, Iowa.
Kelly Krell, City Clerk
Section 3. Pursuant to Section 1.150-2 of the Income Tax Regulations (the "Regulations") of the
Internal Revenue Service, the City declares:
(a) that it intends to undertake the Project, which is reasonably estimated to cost
approximately $215,000,
(b) that other than
(i) expenditures to be paid of reimbursed from sources other than the issuance of
bonds, notes, or other obligations (the "Bonds"), or
(ii) expenditures made not earlier than sixty (60) days prior to the date of this
Resolution or a previous intent resolution of the City, or
(iii) expenditures amounting to the lesser of $100,000 of 5% of the proceeds of the
Bonds, or
(iv) expenditures constituting preliminary expenditures as defined in Section 1.150-
2(f)(2) of the Regulations, no expenditures for the Project has theretofore been
made by the City and no expenditures will be made by the City until after the date
of this Resolution or a prior intent of resolution of the City, and
(c) that the City reasonably expects to reimburse the expenditures made for costs of the
City out of the proceeds of the Bonds.
This is a declaration of official intent adopted pursuant to Section 1.150-2 of the
Regulations.
Section 4. All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent
of such conflict.
City of Riverdale, Iowa
110 Manor Drive, Riverdale, Iowa 52722 (563) 355-2511 1 www.riverdaleia.org
Section 5. This resolution shall be in full force and effect immediately upon its adoption and
approval, as provided by law.
Passed and approved this 8th day of August 2023.
APPROVED:
Anthony He se Mayor
ATTEST:
Kelly Kr Cl rk
City of Riverdale, Iowa
110 Manor Drive, Riverdale, lowa 52722 1 (563) 355-2511 1 www.riverdaleia.org